UBS fined CHF50,000 in Switzerland for PEP transaction reporting failures

UBS was ordered by Swiss authorities, on 4 April, to pay a CHF50,000 (US$55,735) penalty for not filing suspicious activity reports (SARs) on transactions linked to accounts it operated for Ali Abdullah Saleh, the ex-president of Yemen, and connected persons; he was assassinated in 2017. His relationship with UBS dated from 2004.

UBS was ordered by Swiss authorities, on 4 April [2024], to pay a CHF50,000 (US$55,735) penalty for not filing suspicious activity reports (SARs) on transactions linked to accounts it operated for Ali Abdullah Saleh, the ex-president of Yemen, and connected persons; he was assassinated in 2017. His relationship with UBS dated from 2004.